Monday, March 15, 2010

More Downside Pressure on Gold Coming

Gold is now confirmed in a trading range, however there is significant downside pressure. Here is INO's latest video on gold. Charts shows a bearish engulfing (see the last right candle on the right of the chart, larger that the previous black one). This is means there is further downside pressure. The big level to watch is $1,091.19, which will trigger a new weekly down signal.

This is described in the video.

The above image is a capture from the video. Here is the current status, capture live at 11:35AM:

And here is the same for the GLD ETF, from 11:36AM. Note the GLD has even more downside pressure with a score of -75:

This is using the MarketClub tool. You may also run the tool yourself on a risk-free basis.

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